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Does BELLIN Virtual Network Bank go too far? Is it possible?

It has always been the dream of corporate treasurers that, as their company grows and trades world-wide, they can just plug in once to the network of banks around the world and all banks become available with no hassle. Well that is the dream behind the new BELLIN Virtual Network Bank, “Let us free you of your administrative shackles and enter the world of effortless and fully transparent global banking.”

Their mission

BELLIN have set themselves the mission of creating global transparency in transaction banking by revolutionizing the administrative bank onboarding process for corporate clients. The key, BELLIN claim, is to improve standardisation and by “providing access to a virtual bank network that includes suitable banks in any country and for any requirements paves the way for effortless international banking”.

The structure and methodology

The structure:

Source & Copyright©2017 - BELLIN 

BELLIN claim they are able to achieve the virtual bank by:

  • setting up the administrative framework
  • signing up banks all over the globe for you to pick from as needed
  • recommending the right bank to match any of your requirements
  • negotiating standardized contracts
  • arranging standardized fees for complete cost transparency
  • enabling standardized KYC questionnaires.

Benefits for corporates and banks

BELLIN claim that corporates “benefit from a one-stop solution covering all your global banking needs – no hurdles, no hassle!” Not only this, they claim that banks will benefit too as they “no longer need to deal with each customer individually and gain access to an entirely new customer base”.

BUT

But, will the reality of the mundane, infuriatingly fickle and illogical world get in the way of this dream, for example:

  • What if the corporate doesn’t like the banks on the BELLIN network?
  • What if the corporate doesn’t agree with the banks that BELLIN recommend?
  • Standardising bank KYC and their forms has proved impossible, see
  • A bank won’t work with BELLIN for some (probably unreasonable, but not necessarily) illogical reason?
  • The bank is not on SWIFT?

CTMfile take: The BELLIN Virtual Network Bank is one of the most ambitious projects in electronic banking today. And is yet another example of how TMS solution providers are trying to move central stage in the operation of the corporate treasury department.


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